Green shoots? Peers debate growth in the UK economy

15 May 2013

Members of the House of Lords, including the Chairman of British Business Ambassadors and the founder and Chairman of the Warwick Manufacturing Group will debate the current level of growth in the UK economy on Thursday 16 May

Lord Soley (Labour), former Chair of the Parliamentary Labour Party, who tabled and will open the debate, said:

“Cutting debt alone is not enough to improve Britain’s financial outlook. We have a very good history in this country of using economic growth to get us out of economic difficulties and we must look at ways in which we can do this again, as focussing on achieving deficit reduction simply by cutting our spending alone clearly isn’t working.

“This is a very important debate and I hope it will identify ways in which economic growth can be maximised. I will be identifying new and important markets (Africa); additional infrastructure projects in the UK (transport); technological advances; House construction. These are examples of how growth in the economy can be given added stimulus.

“Additional Government expenditure in these areas should not be seen as just a negative addition to debt but as an investment leading to growth that enables the debt to be repaid faster.”

Other Members scheduled to speak include:

Lord Marland (Conservative), Chairman of British Business Ambassadors;

Lord Bhattacharyya (Labour), former Chief Executive of GEC/Marconi plc and Chairman and founder of the Warwick Manufacturing Group;

Lord Bates (Conservative), former Opposition Minister for Business, Innovation and Skills); and